April 2022
Overall, April 2022 was relatively flat, with small fluctuations over the 5-year-average for the month. Closed Sales were up 8%, with 41 in April 2022 compared to the 5-year April average of 38. New Pending Sales were down slightly, with 41 reported in April 2022 compared to the average of 45 for the month. New Listings were down 25%, with only 57 reported this past month compared to the 5-year-average for April of 71. Overall inventory is still down considerably, with 103 homes for sale reported in April 2022. Average Days on Market continues to drop, coming in at 42 Days for April 2022.
Generally, April or May will see the largest influx of new listings. The dip in new listings last month will most likely rebound in May. Compared to April 2021, inventory is actually up 4%, which is an encouraging sign.
Year to Date: January to April 2022
We are continuing to see the market stabilizing following the 2020 and 2021 boom period. There have been 20% fewer homes sold so far in 2022 compared to 2021, however, average sales prices have remained steady if not slightly increased. We are still seeing high demand for condos & townhomes and properties that are lakefront or have lake access. Average Days on Market also continues to decline, as new inventory remains in high demand. The large majority of homes are selling in 30 days or less – with most selling in under 10 days.
Buyers
Don’t be discouraged! New Listings and Active Inventory will continue to improve throughout May and into the summer. Most sellers wait until spring or summer to list their homes. Buyer competition remains steady – choosing the right agent can make all the difference! The agents at Railey Realty are the largest local network of agents, listing 64% of all properties on the market so far in 2022. Our agents meet weekly to discuss new listings and current market trends. If your agent is part of the Railey Realty team, they’ll most likely find out about new listings prior to them hitting the MLS system, and you could have a better chance of purchasing your home ahead of a potential bidding war. Our agents also have the tools to sign you up for automatic email notifications on new listings and price reductions.
Sellers
Don’t wait to list your property! The market has already shown signs of stabilizing to our new normal. Buyer demand still remains high now, though! Take advantage of the best seller’s market in the last 20 years before it’s gone! The agents at Railey Realty are here to help you sell your property for the most money and in the best time frame for you. Our agents live and work in Deep Creek Lake and Garrett County – no one knows the market better!
Ready to get started? The expert agents at Railey Realty are here to help! Fill out the online contact form or call our office 7 days a week.
Connect